What’s Happening in Central Ohio Real Estate?

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Being a real estate agent, I am constantly asked questions about the real estate market here in Central Ohio. I want you to be as informed as possible, so today I am going to share some of the most common questions I get from buyers.  Here are the top 5 questions that people have been asking me lately:

1. Is it a buyer’s or a seller's market?

Right now, due to low inventory, we are firmly in a seller’s market.

2. What does the current housing inventory look like?

We currently have only about 3.1 months of inventory right now. However, depending on the price range you are looking in, things could be a little different. In the lower price ranges ($150k-$400k), we have even less inventory, and homes are selling almost as soon as they come on the market. In the higher price ranges, we might have over a year’s supply. For a more specific answer that pertains to your house or your neighborhood, let us know and we’d be happy to give you an evaluation.

3. How does the current inventory affect sales prices in the area?

Because there is a shortage of inventory, buyers are competing, and that’s driving up home prices.

4. What are interest rates like?

They are still at historic lows, but have the potential to rise quickly. The Fed is meeting this month to discuss interest rates, so it’s possible that we could see an increase very soon. However, we are going into an election year, and usually during election years rates remain more steady.

5. What does all this information mean for me?

If you’re a seller, you need to make sure you are pricing your property correctly. We are no longer in the spring season, and things have slowed down a bit. However, homes that are priced well and look good online will always sell. For buyers, you have time to take a breath and think about what you’re buying, but there will still be good competition on the best homes. Being pre-approved is essential.

If you have any additional questions regarding the market, feel free to give us a call or send us an email. We look forward to hearing from you!